According to Chicago tribune, Grammy Award-winning R&B artist R. Kelly is facing a $2.9-million foreclosure suit on his Olympia Fields mansion, a vivid reminder of the steep decline in residential property values.
The singer-songwriter, whose full name is Robert S. Kelly, has failed to make monthly mortgage payments since June 2010 on the property on Maros Lane, according to a complaint filed by J. P. Morgan Chase Bank N.A. last month in Cook County Circuit Court.
Controversy continues to dog the singer, who was acquitted in 2008 on child pornography charges. Just last month, his former manager sued Mr. Kelly, alleging fees were withheld so that the singer could pay settlements of claims of alleged misconduct. two-story house sits behind an imposing gate on a 3.7-acre site. The structure features six full bathrooms, seven half-baths and a four-car garage, according to the Cook County Assessor's website.
Mr. Kelly has not lived in the Maros Lane home for more than a year, according to a person familiar with his affairs. The singer stopped making payments on the mortgage in an attempt to force the bank to negotiate a modification of the loan, according to the source.
The appraised value of the home fell 26%, to $3.8 million, in 2010, compared to $5.2 million in 2009, according to an Assessor estimate. The home is now worth less than the debt, the source said.
A spokesman for Mr. Kelly declined to comment. A spokeswoman for JPMorgan Chase declined to comment.
The original loan was issued in 1999 for $3.5 million, according to the complaint. The current principal balance due is more than $2.9 million, not including unpaid interest, which accrues at a rate of $251 per day, and other charges.
R. Kelly better make a Trapped in a Closet part 100 sheesh R. Kelly has been in the game a long damn time. I am surprise R. Pisser's house is in foreclosure.
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